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Oxley Holdings has acquired the 32-storey Chevron House building at 30 Raffles Place from DekaBank Group’s subsidiary Deka Singapore for $660 million, exclusive of Goods and Services Tax.
Previously, Deka Singapore purchased the property from Goldman Sachs for approximately US$420 million (S$567 million) in 2010.
According to an SGX filing by Oxley on Wednesday (13 December), the property consists of 27 levels of office premises and a five-storey retail podium with an existing net lettable floor area of 24,273 sq m. It is sited on a 2,777.9 sq m land and is zoned as commercial.
“Oxley intends to carry out alterations and additions and asset enhancement works to the property, subject to obtaining all necessary approvals from the relevant authorities.”
The transaction, which is expected to be completed on 29 March 2018, will be funded by internal resources and bank loans.
Meanwhile, CBRE’s Executive Director of Capital Markets Jeremy Lake told the New Paper that the sale of the property shows the improving prospects of Singapore’s office market.
“The sale of Chevron House is the last of a few major office sales in 2017 including PWC Building for $746.8 million, GSH Plaza for $663.5 million… and Asia Square Tower 2 for $2.09 billion.
“The office investment market is likely to enjoy another active year in 2018,” he forecasted.
This article was edited by Keshia Faculin.
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